Re:Baby boomers are becoming homeless at a rate not seen sin...
by no_wizard on Monday September 25, 2023 @10:49AM
(#37644750)
ProPublica did a whole series on one of the larger "Cash for your house" type businesses. It seems they're really trying to extract cheap homes from distressed sellers with pressure tactics[0][1][2][3]
[0]: https://www.propublica.org/article/ugly-truth-behind-we-buy-...
[1]: https://www.propublica.org/article/behind-the-scenes-of-we-b...
[2]: https://www.propublica.org/article/state-federal-laws-do-lit...
[3]: https://www.propublica.org/article/want-to-sell-home-for-cas...
Re:Baby boomers are becoming homeless at a rate not seen sin...
by bombcar on Monday September 25, 2023 @11:17AM
(#37645243)
The other side of this "scam" is that people are being sold how to "get rich quick" in real estate for $5k seminars (which boil down to "offer people 30% below market value and hope you get people who are dumb/desperate enough to sell").
Not only that, the definition of "affordable housing" is skewed. In the big metro area near me, "affordable housing" means 1500 to 2000 USD per month. That is not affordable to any normal person. To me, affordable rent should be below 1000 USD.
You think this homeless crises is bad, wait 30 years and then you will see Cities with large slums like many "third" world countries have.
And yes, it is the Gov. job to fix this, but the politicians wants to continue receiving their "bribes" from companies, some of which are buying up rental properties as fast as they become available. Ever see "cash for your house" ? Those properties are probably being bought up for use with AirBNB or being turned into rentals for around 3000 USD.